Archemix Cancels IPO

Archemix Corp., a Cambridge, Mass.-based biopharma company focused on developing aptamer therapeutics, has withdrawn its IPO registration, due to unfavorable market conditions.”

The company had planned to offer 4.5 million common shares at between $12 and $14 per share. It would have an initial market cap of over $261 million, were it to price at the high end of its range, which was virtually identical to Achemix’s valuation at the end of its most recent venture capital round. Banc of America Securities and Bear Stearns had been serving as co-lead underwriters.

Archemix has raised around $135 million in VC funding since 2001, from firms like Atlas Venture (13.9% pre-IPO stake), Prospect Venture Partners (13.9%), Highland Capital Parnters (13.2%), SV Life Sciences (11.6%), KGaA (11.3%), Rho Ventures (9.6%) and Care Capital (5.3%).